Money Mindset for Physicians

By: Varun Verma, MD

Published: Apr 21, 2023

📂 Physician Perspectives

Written for:

✅ Medical Students

✅ Residents and Fellows

✅ Early Career Physicians

✅ Mid Career Physicians

✅ Established Professionals

As physicians, most of us enter medicine to serve others and make a positive impact on the world. However, from the time we are pre-medical students, we are often taught not to talk or think about money. There are various pressures that push us to focus solely on academics, such as getting into medical school, passing licensing exams, securing residency spots, and passing medical boards. While these are all important goals to make sure we are well trained to be able to take care of patients, focusing solely on them without considering our own financial wellbeing can lead to burnout and an early end to our clinical careers.

\The reality of student debt, inflation, budgeting and retirement planning can't be ignored since physicians enter the labor market relatively late in their lives. Setting ourselves up for a strong financial position is key to practicing medicine in the way we want. Many people realize too late that time is our most important non-renewable resource. By striving for financial freedom, we can ultimately stop swapping time for money.

Developing a healthy money mindset is an essential part of achieving financial success and security. Andwise invites all physicians to join our private community on Slack to find mentors and accountability partners for free. Here are some tips to help you cultivate a positive relationship with money:

  1. Set Financial Goals: Having clear financial goals can help you stay focused and motivated. Set specific, measurable goals for saving, investing, and paying off debt, and track your progress regularly. Andwise offers free financial tools to track your expenses, set budgets, and see if you're on target for retirement.

  2. Learn to Manage Your Money: Educate yourself about personal finance, budgeting, and investing. This can help you make better financial decisions and feel more in control of your money. You are the CEO of your own life, and no one will care for your financial health as much as you.

  3. Focus on Abundance: Instead of thinking in terms of scarcity or lack, focus on the abundance of opportunities and resources available to you. This mindset can help you attract more wealth and abundance into your life. As students, we sometimes have the opposite mindset – we see ourselves in competition with one another, competing for residency spots or jobs. However, in life, there is usually an opportunity to increase the size of the entire pie for all parties to enjoy.

  4. Avoid Comparison: Teddy Roosevelt once said, "Comparison is the thief of joy." Avoid comparing your financial situation to others. It's hard to ignore the ubiquitous travel pictures on Instagram and the humble brags on Facebook and LinkedIn. Remember that everyone's financial journey is unique, and focusing on others can lead to feelings of inadequacy or envy. Some people have high-earning partners/spouses, may have received an inheritance, have a trust fund, or other advantages. It doesn't matter. Focus on yourself and craft your ideal life.

  5. Practice Self-Care: Taking care of your physical, emotional, and mental health can help you make better financial decisions and feel more positive about your financial situation. After all, money is a tool to get through life, and if you're not focusing on yourself or your loved ones, then what is the point?

Remember that developing a healthy money mindset takes time and practice. Be patient with yourself and celebrate your progress along the way. Andwise is here to support you on your journey to financial wellness.

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